MIRA INFORM REPORT

 

 

Report Date :           

02.11.2011

 

IDENTIFICATION DETAILS

 

Name :

MUTAS HALI IMALATI SANAYI TICARET LTD. STI. 

 

 

Formerly Known As :

Mutas Ithalat Ihracat Ltd. Sti

 

 

Registered Office :

3. Organize Sanayi Bolgesi Celal Dogan Bulvari No:46 Sehitkamil  Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1997

 

 

Com. Reg. No.:

19753

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of carpet and yarn

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

1.140.000 EUR

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct 

 

 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

NOTES

:

Address at your inquiry was changed by the authority/municipality.

 

 

COMPANY IDENTIFICATION

 

NAME

:

MUTAS HALI IMALATI SANAYI TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

3. Organize Sanayi Bolgesi Celal Dogan Bulvari No:46 Sehitkamil  Gaziantep / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "2. Organize Sanayi Bolgesi Celal Dogan Bulvari No:36 Baspinar Gaziantep" to "3. Organize Sanayi Bolgesi Celal Dogan Bulvari No:46 Sehitkamil  Gaziantep" by the Municipality.

PHONE NUMBER

:

90-342-337 91 90-91

 

FAX NUMBER

:

90-342-337 91 92

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Gazikent

TAX NO

:

6250068524

REGISTRATION NUMBER

:

19753

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

1997

ESTABLISHMENT GAZETTE DATE/NO

:

25.09.1997/4384

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   10.000.000

HISTORY

:

Previous Name

:

Mutas Ithalat Ihracat Ltd. Sti

Changed On

:

07.02.2004 (Commercial Gazette Date /Number 18.02.2005/ 6243)

Previous Registered Capital

:

TL 3.000.000

Changed On

:

16.06.2008 (Commercial Gazette Date /Number 03.07.2008/ 7097)

Previous Registered Capital

:

TL 7.000.000

Changed On

:

07.03.2011 (Commercial Gazette Date /Number 15.03.2011/ 7772)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Huseyin Ulutas

50 %

Mahmut Ulutas

50 %

 

 

SISTER COMPANIES

:

POST HALI ITHALAT IHRACAT LTD. STI.

 

DIRECTORS

:

Huseyin Ulutas                                                                                                                                                                                                                                                                                   

 

Mahmut Ulutas                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of carpet and yarn. 

 

NACE CODE

:

DB.17.51

 

NUMBER OF EMPLOYEES

:

210

 

NET SALES

:

11.480.122 TL

(2006) 

13.551.274 TL

(2007) 

14.719.394 TL

(2008) 

15.693.015 TL

(2009) 

24.413.035 TL

(2010) 

7.097.297 TL

(01.01-31.03.2011) 

 

 

IMPORT VALUE

:

781.606 USD

(2007)

4.013.327 USD + 134.326 EUR

(2008)

4.665.427 USD

(2009)

7.965.000 USD

(2010)

 

 

 

IMPORT COUNTRIES

:

U.K.

Iran

Switzerland

Bangladesh

India

Netherlands

 

MERCHANDISE IMPORTED

:

Machinery

Raw materials

Spare parts

 

EXPORT VALUE

:

2.627 TL

(2009)

0 TL

(2010)

0 TL

(01.01-31.03.2011)

 

 

EXPORT COUNTRIES

:

U.A.E.

Saudi Arabia

Canada

 

MERCHANDISE  EXPORTED

:

Carpets

 

HEAD OFFICE ADDRESS

:

3. Organize Sanayi Bolgesi Celal Dogan Bulvari No:46 Sehitkamil   Gaziantep / Turkey ( owned )

 

BRANCHES

:

Factory  :  Organize Sanayi Bolgesi 20 Nolu Cad. No:6 Kilis/Turkey (owned) (3.840 sqm)

 

Head Office/Factory  :  2. Organize Sanayi Bolgesi Celal Dogan Bulvari No:36 Baspinar Gaziantep/Turkey (owned) (7.500 sqm)

                                                                                

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Ticari Branch

Asya Katilim Bankasi Merkez Branch

ING Bank Merkez Branch

Yapi Kredi Sehitkamil Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(01.01-31.03.2011) TL

Net Sales

13.551.274

14.719.394

15.693.015

24.413.035

7.097.297

Profit (Loss) Before Tax

747.120

495.179

504.540

569.970

422.101

Stockholders' Equity

5.384.613

7.495.179

7.895.160

8.354.797

 

Total Assets

11.958.408

19.576.988

20.595.333

28.376.990

 

Current Assets

6.324.094

8.958.032

10.388.124

17.685.686

 

Non-Current Assets

5.634.314

10.618.956

10.207.209

10.691.304

 

Current Liabilities

6.306.385

8.265.320

7.549.894

17.149.856

 

Long-Term Liabilities

267.410

3.816.489

5.150.279

2.872.337

 

Gross Profit (loss)

994.521

2.172.260

1.969.500

1.751.455

1.086.151

Operating Profit (loss)

484.101

1.563.029

1.255.909

999.840

836.875

Net Profit (loss)

747.120

495.179

399.981

459.636

422.101

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:1.712.942,79 TL

Equity Part

:1.287.057,21 TL

Payment Due Date

:07.03.2011

 

 

Capitalization

Fair

Remarks on Capitalization

A part of liabilities consist of loans from shareholders. 

 

There has been capital increase after the last balance sheet date. The capital increase financed by cash is expected to have an improvement at equity total since the last balance sheet date.

 

Liquidity

Insufficient

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. 

 

The favorable gap between average collection and average payable period has a positive effect on liquidity.

 

Profitability

In Order Operating Profitability  in 2007

Good Net Profitability  in 2007

High Operating Profitability  in 2008

In Order Net Profitability  in 2008

Good Operating Profitability  in 2009

In Order Net Profitability  in 2009

In Order Operating Profitability  in 2010

Fair Net Profitability  in 2010

High Operating Profitability (01.01-31.03.2011)

Good Net Profitability (01.01-31.03.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 1.140.000 EUR may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-31.03.2011)

5,40 %

1,5753

2,1664

2,5072

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

6.324.094

0,53

8.958.032

0,46

10.388.124

0,50

17.685.686

0,62

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

417.905

0,03

474.993

0,02

154.496

0,01

141.736

0,00

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

3.098.132

0,26

3.321.365

0,17

2.834.203

0,14

4.868.220

0,17

Other Receivable

212.634

0,02

294.359

0,02

307.207

0,01

554.244

0,02

Inventories

2.573.232

0,22

4.755.569

0,24

6.990.602

0,34

11.979.615

0,42

Advances Given

22.191

0,00

111.746

0,01

41.360

0,00

141.871

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

0

0,00

0

0,00

60.256

0,00

0

0,00

NON-CURRENT ASSETS

5.634.314

0,47

10.618.956

0,54

10.207.209

0,50

10.691.304

0,38

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

4.744.876

0,40

4.942.228

0,25

5.825.657

0,28

4.454.139

0,16

Intangible Assets

835.631

0,07

5.575.638

0,28

4.333.171

0,21

6.152.035

0,22

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

53.807

0,00

101.090

0,01

48.381

0,00

85.130

0,00

TOTAL ASSETS

11.958.408

1,00

19.576.988

1,00

20.595.333

1,00

28.376.990

1,00

CURRENT LIABILITIES

6.306.385

0,53

8.265.320

0,42

7.549.894

0,37

17.149.856

0,60

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

4.068

0,00

Financial Loans

358.297

0,03

2.315.171

0,12

1.747.857

0,08

3.703.824

0,13

Accounts Payable

4.530.359

0,38

5.546.996

0,28

4.958.004

0,24

10.530.766

0,37

Loans from Shareholders

1.034.565

0,09

0

0,00

359.171

0,02

1.712.422

0,06

Other Short-term Payable

40.047

0,00

82.503

0,00

94.296

0,00

129.809

0,00

Advances from Customers

250.782

0,02

148.981

0,01

203.175

0,01

953.381

0,03

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

58.547

0,00

49.940

0,00

100.910

0,00

115.586

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

33.788

0,00

121.729

0,01

86.481

0,00

0

0,00

LONG-TERM LIABILITIES

267.410

0,02

3.816.489

0,19

5.150.279

0,25

2.872.337

0,10

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

267.410

0,02

3.816.489

0,19

2.715.517

0,13

2.872.337

0,10

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

2.434.762

0,12

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

5.384.613

0,45

7.495.179

0,38

7.895.160

0,38

8.354.797

0,29

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

3.000.000

0,25

7.000.000

0,36

7.000.000

0,34

7.000.000

0,25

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

80.245

0,01

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

1.557.248

0,13

0

0,00

495.179

0,02

895.161

0,03

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

747.120

0,06

495.179

0,03

399.981

0,02

459.636

0,02

TOTAL LIABILITIES AND EQUITY

11.958.408

1,00

19.576.988

1,00

20.595.333

1,00

28.376.990

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-31.03.2011) TL

 

Net Sales

13.551.274

1,00

14.719.394

1,00

15.693.015

1,00

24.413.035

1,00

7.097.297

1,00

Cost of Goods Sold

12.556.753

0,93

12.547.134

0,85

13.723.515

0,87

22.661.580

0,93

6.011.146

0,85

Gross Profit

994.521

0,07

2.172.260

0,15

1.969.500

0,13

1.751.455

0,07

1.086.151

0,15

Operating Expenses

510.420

0,04

609.231

0,04

713.591

0,05

751.615

0,03

249.276

0,04

Operating Profit

484.101

0,04

1.563.029

0,11

1.255.909

0,08

999.840

0,04

836.875

0,12

Other Income

600.036

0,04

724.546

0,05

1.908.179

0,12

1.183.406

0,05

228.417

0,03

Other Expenses

179.071

0,01

1.315.662

0,09

1.324.304

0,08

616.390

0,03

294.831

0,04

Financial Expenses

157.946

0,01

476.734

0,03

1.335.244

0,09

996.886

0,04

348.360

0,05

Minority Interests

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

747.120

0,06

495.179

0,03

504.540

0,03

569.970

0,02

422.101

0,06

Tax Payable

0

0,00

0

0,00

104.559

0,01

110.334

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

747.120

0,06

495.179

0,03

399.981

0,03

459.636

0,02

422.101

0,06

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,00

1,08

1,38

1,03

Acid-Test Ratio

0,59

0,49

0,44

0,32

Cash Ratio

0,07

0,06

0,02

0,01

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,22

0,24

0,34

0,42

Short-term Receivable/Total Assets

0,28

0,18

0,15

0,19

Tangible Assets/Total Assets

0,40

0,25

0,28

0,16

TURNOVER RATIOS

 

 

Inventory Turnover

4,88

2,64

1,96

1,89

Stockholders' Equity Turnover

2,52

1,96

1,99

2,92

Asset Turnover

1,13

0,75

0,76

0,86

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,45

0,38

0,38

0,29

Current Liabilities/Total Assets

0,53

0,42

0,37

0,60

Financial Leverage

0,55

0,62

0,62

0,71

Gearing Percentage

1,22

1,61

1,61

2,40

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,14

0,07

0,05

0,06

Operating Profit Margin

0,04

0,11

0,08

0,04

Net Profit Margin

0,06

0,03

0,03

0,02

Interest Cover

5,73

2,04

1,38

1,57

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

82,30

81,23

65,02

71,79

Average Payable Period (days)

129,88

159,15

193,93

167,29

WORKING CAPITAL

17709,00

692712,00

2838230,00

535830,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.08

UK Pound

1

Rs.78.78

Euro

1

Rs.67.76

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.